CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

EUR/USD

Market Opportunities - 23/09/2021

23 September, 2021

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/USD Weekly downtrend opportunity based on 1.00 Lot Calculation:

  • EVENT: Sunday, September 26 – The German parliamentary elections. The center-left party (SDP) in Germany is leading in polls before the elections. Their candidate for chancellor, Olaf Schulz, is not excluding the possibility to form a coalition with the radical left. This may weigh on the common European currency.
  • The lower-than-expected (preliminary) PMIs in the euro zone released today, suggest that the European economic recovery will be slow;
  • The currency pair is in the long-term downtrend that may continue.

EUR/USD, September 23, 2021
Current Price: 1.1729

EUR/USD

Weekly

Trend Direction

DOWN

Resistance 3

1.1859

Resistance 2

1.1839

Resistance 1

1.1819

Support 1

1.1639

Support 2

1.1619

Support 3

1.1599

Example of calculation based on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-1,300

-1,100

-900

900

1,100

1,300

Profit or loss Short in €**

-1,109

-938

-768

768

938

1,109

Profit or loss Short in £**

-951

-805

-659

659

805

951

Profit or loss Short in C$**

-1,646

-1,392

-1,139

1,139

1,392

1,646

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 10:20 am (GMT+1) 23/9/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details

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  • CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.